Coinbase Wallet extends support to Solana blockchain

abdelaziz Fathi

Coinbase Wallet, an in-house wallet service offered by the US prominent crypto exchange, has rolled out browser extension support for Solana blockchain.

solana

With this added support, Coinbase will be providing an added layer of security for the users who opt for managing their Solana (SOL) and Solana-based SPL tokens using the extension. In addition, the exchange plans to further integrate with the Solana ecosystem, including the ability for its wallet users to connect to Solana dapps, view and manage their Solana NFTs directly within their extension.

With the recent development, the Coinbase Wallet browser extension now supports Ethereum, Avalanche, Polygon, BNB Chain, Bitcoin (BTC), Dogecoin (DOGE), Litecoin (LTC), and Stellar Lumens.

Available in the Chrome Web Store, Coinbase Wallet extension acts as a noncustodial wallet that allows users to store and transact several cryptocurrencies. As new Web 3 applications in the crypto space continue to come at a rapid pace, the utility of the wallet has expanded to include NFTs.

“Making web3 more user-friendly means more ways to interact and connect with dapps across a wide range of blockchains and networks. Today, we’re introducing our initial phase of support for Solana. Users can now manage their Solana (SOL) and Solana tokens (SPL) alongside their tokens held on all of Coinbase Wallet extension’s supported networks, including Ethereum, Avalanche, Polygon, BNB Chain, and many more. This allows users to unlock more of web3 without needing to manage multiple wallets,” Coinbase said in a blogpost.

Coinbase is ramping up new listings

Back in January, Coinbase has listed Solana ecosystem tokens, which saw its value skyrocket and increasingly gained plaudits for its robust transaction processing speed. The move came as the regulated platform, which offers trading in Bitcoin and Ethereum along with more than 110 altcoins, is expanding its order book to include tokens that have gained popularity in recent months.

The proliferation of alternative coins has been a challenge for Coinbase because competitors support some of them. But as their trading volume has been huge lately, Coinbase had to step in as their fans have either left the platform or opened accounts at other exchanges where they can transact.

Strictly compliant with regulations, Coinbase is one of the world’s most popular consumer-facing cryptocurrency platforms. Trading in altcoins makes up 40% of Coinbase’s volume, while Bitcoin and Ethereum accounts for the other 60%.

Coinbase CEO Brian Armstrong said earlier that the exchange plans to list every crypto asset where it is legally permissible to do so.

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